Revenue are second consecutive quarter increasing and highest since FY06Q4, eps are second consecutive increasing and highest since FY08Q1, free cash flow and net cash flow increasing, liquidity ratio decreased but still high level now, gearing ratio increasing to very high now, all accouting period are acceptable compared to historical quarter, high traffic volume, RM26b bid

First Support Price

4.35

Second Support Price

4.1

Risk Rating

LOW

Research House

ECM Target Price

5.2 (2010-12-21)

OSK Target Price

5.2 (2010-12-21)

RHB Target Price

5.2 (2010-12-21)

Maybank Target Price

4.7 (2010-12-24)

Accounting Ratio

Return on Equity

21.57%

Dividend Yield

3.83%

Profit Margin

49.95%

Tax Rate

20.07%

Asset Turnover

0.1814

Net Asset Value Per Share

1.17

Net Tangible Asset per share

1.17

Price/Net Tangible Asset Per Share

3.76

Cash Per Share

0.62

Liquidity Current Ratio

2.9563

Liquidity Quick Ratio

2.9562

Liquidity Cash Ratio

2.6707

Gearing Debt to Equity Ratio

2.1944

Gearing Debt to Asset Ratio

0.6849

Working capital per thousand Ringgit sale

66.3%

Days to sell the inventory

-

Days to collect the receivables

29

Days to pay the payables

118

My notes based on 2010 quarter 3 report (number in '000):-
- The Group's toll collection for the third quarter 2010 (as set out in Remark 1 to the was higher by RM39.6 million or 6.5% as compared to the third quarter 2009. The increase was mainly due to increase in PLUS‟s toll collection by RM25.9 million. For the nine months ended 30 September 2010, the Group's toll collection of RM1,897.1 million was 9.6% higher than the preceding year corresponding period of RM1,731.7 million. The increase was mainly attributed by higher toll collection by PLUS of RM120.4 million driven by traffic growth of 7.4%

- The Group's total revenue and profit before tax also recorded similar growth trend. Total revenue for the current quarter of RM872.6 million was RM57.4 million or 7.0% higher than the preceding year corresponding quarter of RM815.2 million. The growth was primarily attributable to higher toll collection (as explained above) and higher toll compensation of RM12.6 million in line with higher traffic volume. For the nine months ended 30 September 2010, total revenue of RM2,545.6 million was RM220.4 million or 9.5% higher than the same period in 2009 of RM2,325.2 million. The increase was mainly due to higher toll collection (as explained above) and higher toll compensation of RM47.4 million

- Profit before income tax for the current quarter of RM435.9 million was RM13.9 million or 3.3% higher than the preceding year corresponding quarter of RM422.0 million, primarily attributable to higher toll revenue (as explained above), mitigated by higher finance costs as well as amortisation and depreciation charges. For the nine months ended 30 September 2010, profit before income tax was higher by RM109.6 million or 9.2% as compared to the same period in of RM1,187.4 million. This was mainly due to higher revenue mitigated by higher amortisation of concession assets by RM18.8 million, as well as increase in operating expenditure and higher finance costs of RM51.2 million

- Toll collection for the current quarter of RM644.2 million was lower by RM1.5 million as compared to the immediate preceding quarter of RM645.7 million following the effects of adopting IC Intepretation 13: Customer Loyalty Programmes. Without taking into effect the adjustment under IC Interpretation 13, toll collection for the current quarter was higher by RM0.4 million as compared to the immediate preceding quarter

- Total revenue for the current quarter of RM872.6 million was 1.5% or RM13.0 million higher than immediate preceding quarter of RM859.7 million mainly due to higher toll compensation in line with the traffic growth and inclusion of revenue from TERAS and INIPPL following the acquisitions in June 2010

- Profit before income tax for the current quarter of RM435.9 million was RM7.7 million or 1.7% lower than the immediate preceding quarter of RM443.6 million, mainly due to higher operating expenditure despite higher revenue